It’s uncomfortable but usually better to say no when someone – your boyfriend, family member, coworker, dog – asks to borrow money from you.
Here’s a question from a reader:
“I’ve already lent my boyfriend almost $700 about 6 months ago,” says L. on one of my articles about loaning money to family members. “He hasn’t paid me back. The money he makes is not enough to pay his bills school loan, unexpectedly high utility bills, car payments, rent, supporting his parents, etc. He is now asking to borrow $5,000 to help him pay some of his debt so he can get adjusted and financially organized. I want to help him, but he hasn’t paid back the other money I lent him. Should I lend him the money?”
No, no, a thousand times no! Below, I explain why I think she should say no to his request to borrow $5,000 – and I offer a few tips on how to say no when someone asks to borrow money from you.